Cycladic Island Holiday Homes Most in Demand in the Mediterranean 

Mykonos, Paros and Santorini remain among the leading destinations in the Mediterranean, further establishing their investment dynamics in the post-pandemic holiday home market, according to Algean Property, who completed an annual review of 30 locations across the Mediterranean region.

In the report, Algean said that in the last few years, the holiday home market in the Mediterranean has steadily evolved from a promising real estate segment into the most dynamic and active sector of the real estate industry in this area.

“Demand across Mediterranean holiday destinations skyrocketed during the pandemic, with Greece, Spain and France leading the race. Yet, there are exceptions to this narrative with some locations experiencing small increases in yields and others experiencing a more substantial increase, mostly explained by rent figures growing faster than the sale price,” it said.

Insights Greece - Cycladic Island Holiday Homes Most in Demand in the Mediterranean 
Report by Aegean Property

For another year, Mykonos tops the list of best performers with an average gross yield of 7.4%. Paros (7.1%) is one of the destinations that were able to increase its yield compared to 2019 (6.5%). Although prices increased, rent growth outpaced sales prices growth resulting in a higher yield, further closing the gap with Mykonos. Overall, Paros has been able to benefit from Mykonos’s spillover effects with the islands being geographically near to each other. 

“This has allowed for new investments and more luxurious projects being built, increasing sales price while the greater number of tourists and pent-up demand from the pandemic has allowed rents to rapidly grow,” the report said.

Santorini’s sale price and rents experienced a slight increase compared to 2019 but overall performance remained the same with 2019 (6.3%). Skiathos and Tunisia share the 4th and 5th spot with sale prices, rents and yields remaining unchanged compared to 2019 (6.0%). 

The sixth spot is reserved by Porto Heli (5.3%) which was able to increase yields compared to 2019 (5.1%) as a result of a slight decrease in sale prices, whereas the Dalmatian Coast remained in the 7th spot with sales prices, rents and yields remaining unchanged compared to 2019 (5.1%). 

The top 10 destinations are completed by Chalkidiki, Chania and Kefalonia which all share the same yield of 4.8% with Kefalonia experiencing a significant increase in its yield compared to 2019 (4.1%) explained by rent growth outpacing sales price growth. 

The remaining 20 destinations recorded the following average gross yields: Elounda (4.6%), Zakynthos (4.6%), Rhodes (4.5%), Montenegro Coast (4.5%), Corfu(4.3%), Nice (4.3%), Turkey – Mediterranean Coast (4.3%), Athens Riviera (4.2%), Marbella (4.2%), Turkey – Aegean Coast (4.0%), Mallorca (3.7%), Saint-Tropez (3.7%), Messinia (3.6%), Sardinia (3.5%), Tel Aviv (3.4%), Ibiza (3.3%), Cannes (3.3%), Capri – Amalfi Coast(3.3%).

This article was first published here. 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.

*Image courtesy of Sotheby’s Greece 

Luxury Greek Island Villa Overlooking Santorini 

Perivolas Hideaway is one of the most unique villas in Greece. Set on the island of Therasia, only minutes away from Santorini, it gives you a glimpse of what life was like in this part of the world, way before its neighbouring island became one of the most popular international destinations.    

Offering premium services and luxury comfort throughout, this property invites guests to totally relax and rejuvenate- with its soothing soft sounds and sights of the Aegean Sea, which wraps around the house and its private secluded beach and dock.

Accessible only by boat or helicopter, the rustic villa is built into the foot of a sun-kissed cliff, offering breathtaking panoramic views of the caldera and iconic Santorini.

Insights Greece - Luxury Greek Island Villa Overlooking Santorini 

Constructed on the site of a pumice mine that dates back to 1850, it has been beautifully renovated- blending its traditional exterior with modern and sophisticated indoor spaces that are light and airy. Featuring four bedrooms, six bathrooms, an open plan living area, a dock, heliport, swimming pool, and separate staff quarters- you have your own private concierge team who are there to make your stay as memorable as possible.

The beautiful terrace overlooking the caldera is the perfect place for dinner and drinks and this private haven has its own beach and comes equipped with its private boats and water sports facility, where you can enjoy some adventure on the sea kayaks, water skis, wakeboards as well as windsurfing, snorkel and diving equipment. And for those who want to be pampered, there is a well-equipped wellness centre with an indoor jacuzzi, massage, and beauty treatment area. 

Insights Greece - Luxury Greek Island Villa Overlooking Santorini 
Insights Greece - Luxury Greek Island Villa Overlooking Santorini 

Three times a day, the private chef prepares incredible dishes for the villa’s residents- using the freshest local produce sourced from the market that morning, recipes feature Greek classics with a modern twist. And of course, you can take the boat across to Ammoudi Bay, where you can enjoy the freshest seafood in Santorini before returning to your private haven. 

Perivolas Hideaway

Photos © William Abranowicz, Dan Kullberg, Henri del Olmo, Timos Tsoukalas

Vacation Rentals in Greece Soared Over Summer

Bookings for vacation rentals on platforms such as Airbnb soared by 200 percent in Athens this summer, versus 2019 levels, as the Greek capital ranked among the best performing cities globally, according to Rentals United Data Studio. 

In Italy, the market is also recovering though taking more time to do so, while data for Madrid shows that bookings moved higher, rising some 8 percent from two years ago when the pandemic first hit Europe.

The gradual resumption of international travel helped boost crucial tourism sectors in Europe’s south this summer on the back of strong demand from European and US travelers.

The figures provided by Rentals United do not show not cover the month of August where tourism was particularly strong in markets such as Greece.

“Demand for vacation rentals in Greece has been huge this summer and that includes Athens too. Vacation rentals in Greece are especially popular among travelers from Spain, France, and Italy,” says Rentals United in a statement.

“Thanks to their open borders and relaxed restrictions, compared to 2019, Athens has seen an average percentage increase of more than 201.01%,” highlights the company.

The best performing platforms for short-term property rentals in Athens are Expedia, Airbnb, Booking.com, Ostrovok, and Agoda, it adds.

In Spain, the country’s two largest cities, Madrid and Barcelona, are showing a mixed bag of results.

While Spain is bouncing back, Barcelona is taking a little longer to get back to pre-pandemic times. The spike in Covid cases in Barcelona in July clearly took a hit with reservations.

“Barcelona is starting to look a little more positive in terms of bookings but we still see an average percentage decrease of 28.4 percent compared with 2019,” highlighted the company.

Tourism in Spain performed well this year supported by travelling Spanish residents though the pandemic continues to weigh on the number of foreigners visiting the country. Some hotels owners report experiencing a better season than in 2019 as the sector heads towards pre-pandemic levels.

In Italy, trends are similar with growth largely supported by domestic travellers. 

“Italy as a whole is bouncing back tremendously well, thanks to its popularity with French travellers who are able to drive across the border. Italian cities, on the other hand, are taking a little longer to bounce back,” Rentals United says.

This article was first published here. 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.

*Image courtesy of Airbnb